Market Overview

kWh Analytics Closes Solar Revenue Put for 35 MW of Solar Power Projects with IGS Solar, Ares Management, ING, & Swiss Re


kWh Analytics, the market leader in solar risk management, today
announced that it structured a Solar Revenue Put for a portfolio of
4,000 projects totaling approximately 35 MW DC of capacity located in
the Northeast U.S. The facilities are being developed and managed by IGS
Solar, a residential and commercial solar provider. The IGS Solar
portfolio is being funded by a commitment from Ares EIF, the power and
infrastructure strategy at Ares Management, L.P. (NYSE:ARES), a global
asset manager, and a term loan commitment from ING Capital LLC ("ING"),
a financial services company. Swiss Re, a leading global corporate
insurer, is providing capacity for the Solar Revenue Put. Marathon
Capital acted as exclusive financial advisor to IGS. This was the first
US residential portfolio financed with the support of the Solar Revenue

The Solar Revenue Put is structured as an insurance policy on solar
production and revenues, which serves as a credit enhancement for
financial investors. Using its proprietary actuarial model and risk
management software ("HelioStats"), kWh Analytics developed the Solar
Revenue Put to drive down investment risk and encourage development of
clean, low-cost solar energy.

"We started IGS Solar because we believe in the value of developing
alternative sources of energy," says Mike Gatt, Chief Operating Officer
of Distributed Generation at IGS. "To support us in this growth, we were
pleased to have found efficient and reliable execution with our
partners, ING, Ares, and kWh Analytics. The Solar Revenue Put enables us
to both enhance our returns and reduce our downside risk."

"Starting with our initial investments in 2013, we have continued our
leading role as a lender to the residential solar space," says Scott
Hancock, Director at ING. "We are pleased to have incorporated the Solar
Revenue Put to support this financing for IGS and Ares."

A recent survey of the solar industry's most active lenders indicates
that more than 40% of active lenders value the Solar Revenue Put as a
credit enhancement. Solar portfolios ranging from thousands of
residential rooftops to more than ten utility-scale plants have utilized
financing structures supported by the Solar Revenue Put. Portfolios
supported by the Solar Revenue Put are securing debt sizing increases of
10% on average.

Swiss Re Corporate Solutions provided the risk capacity for the Solar
Revenue Put. Brian Beebe, Head of Origination North America Weather and
Energy, Swiss Re Corporate Solutions, says, "Swiss Re is committed to
managing carbon-related sustainability risks and supporting the
transition to a low-carbon economy. We are actively building our
business to support the renewable energy that will power our global
future. The Solar Revenue Put represents a new, multi-billion dollar
insurtech category."

Learn More about us:

About the Solar Revenue Put

The Solar Revenue Put is a credit enhancement that guarantees up to 95%
of a solar project's expected energy output. kWh Analytics' wholly-owned
brokerage subsidiary places the policy with risk capacity rated
investment-grade by Standard and Poor's. As an ‘all-risk' policy, the
Solar Revenue Put protects against shortfalls in irradiance, panel
failure, inverter failure, snow, and other system design flaws. The
Solar Revenue Put provides comprehensive coverage that banks rely upon,
enabling financial institutions to more easily finance solar projects on
terms more favorable to the sponsor.

About kWh Analytics

kWh Analytics is the market leader in solar risk management. By
leveraging the most comprehensive performance database of solar projects
in the United States (20% of the U.S. market) and the strength of the
global insurance markets, kWh Analytics' customers are able to minimize
risk and increase equity returns of their projects or portfolios. kWh
Analytics also provides HelioStats risk management software to
leading project finance investors in the solar market. kWh Analytics is
backed by private venture capital and the US Department of Energy.

About IGS Solar

, a turn-key commercial and residential solar provider with
significant solar assets under development, provides businesses, homes,
and communities with an opportunity to participate in creating a
sustainable energy future. As an affiliate of IGS Energy, IGS Solar is
dedicated to delivering innovative solar energy solutions. For more
information, visit or connect with IGS Solar at

About Ares Management, L.P.

Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $125 billion of assets under management
as of September 30, 2018 and 18 offices in the United States, Europe,
Asia and Australia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its three distinct but complementary investment groups in
Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part of
the greater whole. For more information, visit

Ares EIF is the power and infrastructure strategy within Ares' Private
Equity Group, with a 31-year track record of investing in assets and
companies in the power generation, transmission and midstream sectors.
Since inception, Ares EIF-managed funds have made approximately 70
equity investments in nearly 130 different power and energy
infrastructure assets with a combined underlying enterprise value
exceeding $20 billion. During the last 15 years, Ares EIF has invested
in nearly 9,000 MW of greenfield generation and transmission projects,
as well as 200 miles of greenfield pipeline projects, representing over
$11 billion of capital costs.

About ING Capital LLC

ING Capital LLC is a financial services firm offering a full array of
wholesale financial lending products and advisory services to its
corporate and institutional clients. ING Capital LLC is an indirect U.S.
subsidiary of ING Bank NV, part of ING Group (NYSE:ING), a global
financial institution of Dutch origin. The purpose of ING Bank is
empowering people to stay a step ahead in life and in business. ING
Bank's more than 51,000 employees offer retail and wholesale banking
services to customers in over 40 countries.

About Marathon Capital

Marathon Capital is an investment bank focused on the global power and
infrastructure markets. Founded in 1999, Marathon Capital has been
involved in many pivotal energy transactions and company expansions in
the areas of M&A, capital raising, project financing, tax equity and
financial restructuring. The firm is headquartered in Chicago, with
additional offices in San Francisco, New York and Canada. Marathon
Capital is a four time recipient of the "Best Renewable Asset Advisor
Award" by Power Finance & Risk.

About Swiss Re Corporate Solutions

Swiss Re Corporate Solutions provides risk transfer solutions to large
and mid-sized corporations around the world. Its innovative, highly
customised products and standard insurance covers help to make
businesses more resilient, while its industry-leading claims service
provides additional peace of mind. Swiss Re Corporate Solutions serves
clients from over 50 offices worldwide and is backed by the financial
strength of the Swiss Re Group. Visit or
follow us on
and Twitter @SwissRe_CS.

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